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GRAINS

July Corn closed down $0.07 1/4-cents at 3.38 3/4.

July corn closed sharply lower on Wednesday as traders continue to worry about 97 million potential U.S. acres getting planted this spring along with a significant reduction in short-term ethanol demand. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. Closes above the 20-day moving average crossing at $3.58 3/4 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 3.56 3/4. Second resistance is the 20-day moving average crossing at $3.58 3/4. First support is today's low crossing at $3.38 1/4. Second support is monthly support crossing at $3.29 3/4.

July wheat closed down $0.13 3/4-cents at $5.48 3/4.

July wheat closed sharply lower on Wednesday due to spillover weakness from the stock market. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.31 3/4 would confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.89 is the next upside target. First resistance is March's high crossing at $5.71 1/2. Second resistance is January's high crossing at $5.89. First support is the 50-day moving average crossing at $5.42 3/4. Second support is the 20-day moving average crossing at $5.31 3/4.

July Kansas City Wheat closed down $0.17-cents at $4.82 1/2.

July Kansas City wheat closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.67 are needed to confirm that a short-term top has been posted. If July extends the rally off March's low, January's high crossing at $5.19 is the next upside target. First resistance is March's high crossing at $5.09 1/4. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.76. Second support is the 20-day moving average crossing at $4.67.

July Minneapolis wheat closed down $0.13 1/4-cents at $5.34 3/4.

July Minneapolis wheat closed sharply lower on Wednesday after weak financial and energy futures triggered some major technical selling. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.32 would temper the near-term friendly outlook. If July extends the rally off March's low, February's high crossing at $5.58 3/4 is the next upside target. First resistance is February's high crossing at $5.58 3/4. Second resistance is January's high crossing at $5.82 1/2. First support is the 20-day moving average crossing at $5.32. Second support is March's low crossing at $5.13 1/2.

SOYBEAN COMPLEX? 

July soybeans closed down $0.22 1/2-cents at $8.67.

July soybeans closed sharply lower on Wednesday due to a sell off in financial, energy and other grain markets in a broad-based selloff. Today's close below the 20-day moving average crossing at $8.72 1/2 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the rally off March's low, March's high crossing at $9.20 1/2 is the next upside target. First resistance is the 50-day moving average crossing at $8.96 1/4. Second resistance is March's high crossing at $9.20 1/2. First support is today's low crossing at $8.65 1/4. Second support is March's low crossing at $8.29.

July soybean meal closed down $7.10 at $311.80.

July soybean meal closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $310.40 would confirm that a short-term top has been posted. If July resumes the rally off March's low, last-May's high crossing at $336.80 is the next upside target. First resistance is March's high crossing at $326.40. Second resistance is last-May's high crossing at $336.80. First support is the 20-day moving average crossing at $310.40. Second support is the 50-day moving average crossing at $306.50.

July soybean oil closed up 90-pts. At 26.46.

July soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at 27.74 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, weekly support crossing at 20.70 is the next downside target. First resistance is Monday's high crossing at 27.74. Second resistance is the March 9th gap crossing at 28.89. First support is March's low crossing at 25.02. Second support is weekly support crossing at 20.70.